Private equity firm Lloyds Development Capital invests GBP 22 million in clothing brand Joules
Joules received a GBP 22 million investment from Lloyds Development Capital or LDC. Joules, a casual clothing label, was established in 1989 by Founder Tom Joule. LDC is a private equity company. Joule said the funds would enable the company to open 16 new stores next year. It would also allow the firm to add toiletries and new product categories to its inventory and improve its overseas e-commerce efforts.
Joule told The Guardian, "We have got a robust five-year plan and this gives us the confidence and security to deliver that."
Based in Harborough, Leicestershire, Joules has 76 shops and an online store. It also sells wholesale to independent shops and department stores. Through a franchise partner, the retail clothing brand also operates two stores in South Korea. Some of its wholesale customers include John Lewis and Selfridges.
LDC Investment Director Andy Grove told The Guardian, "In Joules we are partnering with a high-quality management team in a business which embodies the unique style of British country heritage."